Our pick of this week's cases
In Maersk Oil North Sea UK and another v HMRC [2018] UKFTT 20 (9 January) the FTT found that the profit apportionment method adopted by the appellants was just and reasonable.
The two appellants operated oil fields in the North Sea. They were subject to UK corporation tax on the profit of those trading activities as if they amounted to a separate ringfenced trade in the UK. These ringfenced profits were subject to a supplementary charge of corporation tax over and above the normal rate. On 23 March 2011 the supplementary charge was increased overnight from 20% to 32%. Both companies elected under FA 2011 s 7(5) that for the purposes of calculating the supplementary charge for the...
